Gas prices are about more than just oil

Traders work in the oil options pit at the New York Mercantile Exchange in New York, Monday, March 7, 2011. Full Story
Vikings Fan

Rochester, MN

#25 Mar 8, 2011
Check 'Bakken' on google for more info on our vast oil supply that is untouched here in the U.S.A.
After you read this, keep in mind that the people in the Middle East are paying 25 cents a gallon of gasoline. And us stupid Americans are going to be paying $5.00 a gallon come the summer of this year. You tell me what's wrong with this picture.


The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana.

The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5...3 trillion.

"This sizable find is now the highest-producing onshore oil field found in the past 56 years," reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves..... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
U.. S. Oil Discovery- Largest Reserve in the World

Stansberry Report Online - 4/20/2006

Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?


James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.


By the way...this is all true. Check it out at the link below!!!
GOOGLE it, or follow this link. It will blow your mind.
http://www.usgs.gov/newsroom/article.asp...













Since: Sep 08

Albuquerque, NM

#27 Mar 8, 2011
Vikings Fan wrote:
Check 'Bakken' on google for more info on our vast oil supply that is untouched here in the U.S.A......
Actually you ought to follow your own advice. Then you wouldn't look as stupid. First hit: http://www.snopes.com/politics/gasoline/bakke...

Only fools or LIARs plagiarizes a debunked POS e-mail word for word on forums. Which are you?

From the Snopes:

"Origins: This item about untapped oil reserves in the Bakken formation (which lies within portions of North Dakota, South Dakota, and Montana) appears to have been taken from a tout sheet1 intended to sell subscriptions to an investment newsletter.

"It is VAGUELY true in the sense that geologists have estimated there is a good deal of undiscovered, technically recoverable oil in that area, and as the price of crude oil increases and the technology for extracting resources from formations like Bakken improves, that area becomes more and more economically viable as a source of oil for the U.S.

"However, the estimate of over 500 billion barrels of oil to be recovered from the Bakken formation is an overly optimistic one based on incomplete, outdated information."

There's more at: http://www.snopes.com/politics/gasoline/bakke...

“I am always right.”

Since: Oct 09

Former MN Taxpayer

#29 Mar 8, 2011
PlacitasRoy wrote:
<quoted text>
Obama's moratoriums came off 6 weeks ahead of its scheduled Nov. 30, 2010.
So we are drilling again in the Gulf? And all of those 12,000+ people who lost their jobs when Obama's moratorium was put in place are back to work?
Teadrinker

Saint Paul, MN

#30 Mar 8, 2011
Vikings Fan wrote:
Check 'Bakken' on google for more info on our vast oil supply that is untouched here in the U.S.A.
There was an oil guy who let out that it costs $16 per barrel to extract that oil now. The USGS also cut the mount of oil in the Bakken down to less than 30 billion bbl from over 500.

Isn't it odd how we now need our own oil and the government is trying its best to keep us from it? They stop deep water drilling. They make it near impossible to do shallow water drilling. Our big reserve in Alaska is off limits and now they tell us the amount of oil in our second biggest reserve is only 1/20 what it was for years.
Teadrinker

Saint Paul, MN

#31 Mar 8, 2011
With all the cover up about how much oil we actually have, it adds some cred to the rumors about our Saudi deal. We promise to buy their oil if they buy our debt.
FEDUP

United States

#32 Mar 8, 2011
PlacitasRoy wrote:
<quoted text>
Your recall of history is about as valid as Glenn Beck's. Obama's moratoriums came off 6 weeks ahead of its scheduled Nov. 30, 2010. 6 months after BP's disaster began.
Gas prices (Texas All Grades Conventional Retail Gasoline Prices) www.eia.doe.gov/dnav/pet/hist/LeafHandler.ash...
2000 1.480 Clinton
2001 1.357 Dubya
2002 1.314 Dubya
2003 1.486 Dubya
2004 1.769 Dubya
2005 2.211 Dubya
2006 2.501 Dubya
2007 2.724 Dubya
2008 3.175 Dubya
2009 2.278 Obama
2010 2.702 Obama
From Time Magazine 2008: "...A 2004 study by the government's Energy Information Administration (EIA) found that drilling in ANWR would trim the price of gas by 3.5 cents a gallon by 2027.(If oil prices continue to skyrocket, the savings would be greater, but not by much.)
Opening up offshore areas to oil exploration — currently all coastal areas save a section of the Gulf of Mexico are off-limits, thanks to a congressional ban enacted in 1982 and supplemented by an executive order from the first President Bush — might cut the price of gas by 3 to 4 cents a gallon at most, according to the Natural Resources Defense Council.
And the relief at the pump, such as it is, wouldn't be immediate — it would take several years, at least, for the oil to begin to flow, which is time enough for increased demand from China, India and the rest of the world to outpace those relatively meager savings. "Right now the price of oil is set on the global market," says Kevin Lindemer, executive managing director of the energy markets group for the research firm Global Insight.
President Bush's move "would not have an impact."
Read more: http://www.time.com/time/business/article/0,8...
Your post is all gobbledygook as your numbers don't add up. I suggest you pull your head out before posting again or else you're going to make us all sick. I don't like Obama any more than you do but this is too much. Stick to the facts and you're post will make more sense.
Vikings Fan

Rochester, MN

#33 Mar 8, 2011
PlacitasRoy wrote:
<quoted text>
Actually you ought to follow your own advice. Then you wouldn't look as stupid. First hit: http://www.snopes.com/politics/gasoline/bakke...
Only fools or LIARs plagiarizes a debunked **** e-mail word for word on forums. Which are you?
From the Snopes:
"Origins: This item about untapped oil reserves in the Bakken formation (which lies within portions of North Dakota, South Dakota, and Montana) appears to have been taken from a tout sheet1 intended to sell subscriptions to an investment newsletter.
"It is VAGUELY true in the sense that geologists have estimated there is a good deal of undiscovered, technically recoverable oil in that area, and as the price of crude oil increases and the technology for extracting resources from formations like Bakken improves, that area becomes more and more economically viable as a source of oil for the U.S.
"However, the estimate of over 500 billion barrels of oil to be recovered from the Bakken formation is an overly optimistic one based on incomplete, outdated information."
There's more at: http://www.snopes.com/politics/gasoline/bakke...
So call the posters names here on topix, and cite your sources as the only ones that are valid? Boy, with a moniker "FOX Lies", it's not very hard to figure out where your progressive politics lie! It's not my problem that progressive-liberal "arseholes" like you are the very ones complaining about drilling where there is oil here in the United States. But then are the same ones complaining about the price of gas at the pumps. I think my basic premise was that we should drill where there is oil here in the United States and be less dependent on OPEC oil. Do you grasp that concept arsehole? The only thing you are good at is inserting gerbils in your arse! Wake the "f" up!

“Celebrate Liberty and Freedom”

Since: Sep 09

Mpls

#34 Mar 8, 2011
PlacitasRoy wrote:
<quoted text>
Your recall of history is about as valid as Glenn Beck's. Obama's moratoriums came off 6 weeks ahead of its scheduled Nov. 30, 2010. 6 months after BP's disaster began.
Gas prices (Texas All Grades Conventional Retail Gasoline Prices) www.eia.doe.gov/dnav/pet/hist/LeafHandler.ash...
2000 1.480 Clinton
2001 1.357 Dubya
2002 1.314 Dubya
2003 1.486 Dubya
2004 1.769 Dubya
2005 2.211 Dubya
2006 2.501 Dubya
2007 2.724 Dubya
2008 3.175 Dubya
2009 2.278 Obama
2010 2.702 Obama
From Time Magazine 2008: "...A 2004 study by the government's Energy Information Administration (EIA) found that drilling in ANWR would trim the price of gas by 3.5 cents a gallon by 2027.(If oil prices continue to skyrocket, the savings would be greater, but not by much.)
Opening up offshore areas to oil exploration — currently all coastal areas save a section of the Gulf of Mexico are off-limits, thanks to a congressional ban enacted in 1982 and supplemented by an executive order from the first President Bush — might cut the price of gas by 3 to 4 cents a gallon at most, according to the Natural Resources Defense Council.
And the relief at the pump, such as it is, wouldn't be immediate — it would take several years, at least, for the oil to begin to flow, which is time enough for increased demand from China, India and the rest of the world to outpace those relatively meager savings. "Right now the price of oil is set on the global market," says Kevin Lindemer, executive managing director of the energy markets group for the research firm Global Insight.
President Bush's move "would not have an impact."
Read more: http://www.time.com/time/business/article/0,8...
good lord Time magazine is your source????? Well can we use Rush Limbaugh as a source then. Drilling for oil means we have new jobs, greater govt revenue and prosperity. We can afford the public sector unions,,,,,by restricting oil which is in our whole lives including food we face depression and inflation.
translation please

Saint Paul, MN

#35 Mar 8, 2011
Brian-C-Hoff wrote:
<quoted text>
Around 1973 congress past than supid law that stated domest product oil cannot sell for more than 8 to 12 dollar a barrel from our oil well, it cost more than 20 dollar than barrel to drill for oil in america. Our maker and the america public donot want more fuel efficently cars also.
Could someone please translate this to English?
I must be "supid".
lost credibilty

Saint Paul, MN

#36 Mar 8, 2011
Vikings Fan wrote:
<quoted text>
So call the posters names here on topix, and cite your sources as the only ones that are valid? Boy, with a moniker "FOX Lies", it's not very hard to figure out where your progressive politics lie! It's not my problem that progressive-liberal "arseholes" like you are the very ones complaining about drilling where there is oil here in the United States. But then are the same ones complaining about the price of gas at the pumps. I think my basic premise was that we should drill where there is oil here in the United States and be less dependent on OPEC oil. Do you grasp that concept arsehole? The only thing you are good at is inserting gerbils in your arse! Wake the "f" up!
Nothing to say? Try name calling!
FEDUP

United States

#38 Mar 8, 2011
PlacitasRoy wrote:
<quoted text>
It is not my fault you are mentally &/or intellectually incapable of reading a simple chart put out by the US Energy Information Service or understanding a really really simple title of that chart.
Nor is it my fault that you are mentally &/or intellectually of understanding s couple of paragraphs from Time Magazine that is written at the 8th grade level.
Nor is it my fault that you are mentally &/or intellectually incapable the chart and Time magazine quote was simply demonstrated how how false and illogical the comment I was responding to was.
Your tedious and condescending reply has thrown me into a rage. Everyone knows Time magazine is skewed and skewered as well. Considering them to be an impartial source only points out how deranged and demented you are. Gas prices are not the work of a few or even one, as in the president. There's a conglomeration of factors to be considered but someone with a pea brain like you can't figure it out. Someone like you needs to be on serious medication unless and until you pull your head out.
Owl Gore

Monroe, LA

#39 Mar 8, 2011
Noble rig leaves U.S. Gulf for Brazil

Noble Corp. in January announced plans to move one of its deep-water drilling rigs out of the Gulf of Mexico amid a spill-related slowdown in activity. This week, the Swiss-based driller made good on its promise.

It loaded the Noble Clyde Boudreaux, an ultra-deepwater semisubmersible, on a ship in Pascagoula, Miss., that will carry the rig 5,000 miles to Brazil, where it has a contract with Shell.

That new contract, starting in April, will last for a year and is $290,000 per day less than the previous Gulf lease, Noble said.

Noble, Diamond Offshore and other offshore drilling contractors have recently moved rigs out of the U.S. Gulf of Mexico in response to regulatory delays in issue new drilling permits in the wake of the BP oil spill last year.

Last week, the Interior Department approved the first deep-water drilling permit since a five-month moratorium on the practice was lifted in October. But the oil and gas industry says the process must move faster or more rigs will leave, jobs will be lost and U.S. offshore oil production will decline.

Officials with the Interior’s Bureau of Ocean Energy Management, Regulation and Enforcement deny they are stalling and dispute industry claims there is a backlog of permits awaiting approval. They contend the permitting process is necessarily taking longer than it did prior to the deadly BP blowout. Operators must prove they can comply with tougher safety and environmental rules implemented after the disaster, the bureau said.

http://fuelfix.com/blog/2011/03/04/noble-rig-...

Good Riddence! We didn't want the jobs, oil, and resulting tax revenues anyway ! We can rely on ethanol and unicorn farts.
Dog Breath

Los Alamos, NM

#40 Mar 8, 2011
It sucks to be us, but we use way too much oil and dino juice for our own good. With Chinese and Indian economies booming and Peak Oil upon us, prices will probably stay volatile. Especially since we seem to neither want to conserve, drill higher risk wells in our own backyard, or build nuclear plants to power more electric cars. "Do nothing" is not the answer even though timid Americans seem to think it is.
Get Real

Albuquerque, NM

#41 Mar 8, 2011
PlacitasRoy wrote:
<quoted text>
It is not my fault you are mentally &/or intellectually incapable of reading a simple chart put out by the US Energy Information Service or understanding a really really simple title of that chart.
Nor is it my fault that you are mentally &/or intellectually of understanding s couple of paragraphs from Time Magazine that is written at the 8th grade level.
Nor is it my fault that you are mentally &/or intellectually incapable the chart and Time magazine quote was simply demonstrated how how false and illogical the comment I was responding to was.
Come back and discuss this when you can write at a third grade level.
Liam

United States

#42 Mar 8, 2011
Dog Breath wrote:
It sucks to be us, but we use way too much oil and dino juice for our own good. With Chinese and Indian economies booming and Peak Oil upon us, prices will probably stay volatile. Especially since we seem to neither want to conserve, drill higher risk wells in our own backyard, or build nuclear plants to power more electric cars. "Do nothing" is not the answer even though timid Americans seem to think it is.
Finally a point that makes sense. It is clearly the fault of the Asians for this fiasco. We are doing everything he can and our President is giving his all. But trying to fight against the evil intentions of 2 billion Chinese and Indians is too difficult even for us. Very well said.
RIOT

Madison, WI

#43 Mar 8, 2011
It's Bush's fault he didn't run again and Obama won.
How about the little extra taxes we pay at the pump because our Democrat senators decided we could afford that extra little bump. Gee thanks!(Sarcasm)
Baloney

Saint Paul, MN

#46 Mar 8, 2011
Garbage Roy! We have the gulf, anwr, and shales.....enough for 100 plus yrs.

In addition we have natural gas and coal the worlds largest supplies and Dems have that banned as well
PlacitasRoy wrote:
<quoted text>
Truth hurts doesn't it!? There is no basic premise demonstrated by when plagiarizing a debunked P*O*S e-mail word for word. Only a fool or a LIAR posts crap like that.
BTW: You didn't answer the question....which are you?(Guess you could be a conman trolling for fools to sell stock to, but I doubt it)
"FOX Lies" is simply a FACTUAL statement. And it is fun to remind the foxholes, dittoheads, and teabaggers of that FACT every time I post.
Are you just a bad speller or did you make a typo when crafting your 'insult?" (I'm assuming 'arsehole' was to be some kind of name calling pejorative?)
What part of the Snopes article was inaccurate?
You might also want to critique Factcheck's analysis also:
From Factcheck: "Q:Are anti-drilling forces blocking access to the world’s largest oil reserve in the western U.S.?
"A: The Bakken Formation touted in a chain e-mail isn’t the world’s largest oil reserve. The amount of oil it contains, according to the U.S. Geological Survey, is less than one one-hundredth of the estimate cited in the e-mail....
"We’ve received this e-mail from our readers several dozen times, and a Google search for some of its claims turns up hundreds of results. Unfortunately, it is false. It combines and twists several different news stories and studies into a longer tale of sound and fury that ultimately signifies nothing (factually anyway). Full story: http://www.factcheck.org/2009/03/us-offshore-...
From the Snopes:
"Origins: This item about untapped oil reserves in the Bakken formation (which lies within portions of North Dakota, South Dakota, and Montana) appears to have been taken from a tout sheet1 intended to sell subscriptions to an investment newsletter.
"It is VAGUELY true in the sense that geologists have estimated there is a good deal of undiscovered, technically recoverable oil in that area, and as the price of crude oil increases and the technology for extracting resources from formations like Bakken improves, that area becomes more and more economically viable as a source of oil for the U.S.
"However, the estimate of over 500 billion barrels of oil to be recovered from the Bakken formation is an overly optimistic one based on incomplete, outdated information."
There's more at: http://www.snopes.com/politics/gasoline/bakke ...
Vikings Fan

Rochester, MN

#47 Mar 8, 2011
PlacitasRoy wrote:
<quoted text>
Truth hurts doesn't it!? There is no basic premise demonstrated by when plagiarizing a debunked P*O*S e-mail word for word. Only a fool or a LIAR posts crap like that.
BTW: You didn't answer the question....which are you?(Guess you could be a conman trolling for fools to sell stock to, but I doubt it)
"FOX Lies" is simply a FACTUAL statement. And it is fun to remind the foxholes, dittoheads, and teabaggers of that FACT every time I post.
Are you just a bad speller or did you make a typo when crafting your 'insult?" (I'm assuming 'arsehole' was to be some kind of name calling pejorative?)
What part of the Snopes article was inaccurate?
You might also want to critique Factcheck's analysis also:
From Factcheck: "Q:Are anti-drilling forces blocking access to the world’s largest oil reserve in the western U.S.?
"A: The Bakken Formation touted in a chain e-mail isn’t the world’s largest oil reserve. The amount of oil it contains, according to the U.S. Geological Survey, is less than one one-hundredth of the estimate cited in the e-mail....
"We’ve received this e-mail from our readers several dozen times, and a Google search for some of its claims turns up hundreds of results. Unfortunately, it is false. It combines and twists several different news stories and studies into a longer tale of sound and fury that ultimately signifies nothing (factually anyway). Full story: http://www.factcheck.org/2009/03/us-offshore-...
From the Snopes:
"Origins: This item about untapped oil reserves in the Bakken formation (which lies within portions of North Dakota, South Dakota, and Montana) appears to have been taken from a tout sheet1 intended to sell subscriptions to an investment newsletter.
"It is VAGUELY true in the sense that geologists have estimated there is a good deal of undiscovered, technically recoverable oil in that area, and as the price of crude oil increases and the technology for extracting resources from formations like Bakken improves, that area becomes more and more economically viable as a source of oil for the U.S.
"However, the estimate of over 500 billion barrels of oil to be recovered from the Bakken formation is an overly optimistic one based on incomplete, outdated information."
There's more at: http://www.snopes.com/politics/gasoline/bakke ...
Pacitas"Gay"Roy, Man it's easy to get your goat. Now before you get all hot and bothered and accuse others of "plagiarizing", you might just want to change your FOX Lies Moniker. That is a copyright violation of FNC. So since they may not like your alteration of their copyright, and your I.P. Address can be obtained. And the fact you are a raging progressive-liberal democrat. It might be in your best interest to remove it. Just food for thought.
Hello

Santa Fe, NM

#48 Mar 8, 2011
It was higher when Bush and Cheney were in office. They laughted at all the sheeple. We were frustrated then. They wanted to drill too and look what happened.

I say turn on the spouts on the reserves and flood the market! The republicans won't do it becuase their rich oil company donors want to make mega milllions off of us citizens.

The democrats like way too much halting on drilling that puts a strain on the supply. The republicans like for this to happen because as you guessed, the price of oil goes up and their rich oil company donors get richer and richer.

Tell me this isn't true and I can imagine your nose growing so long it touches your screen! LOL
Perspectives

United States

#49 Mar 8, 2011
Hello wrote:
It was higher when Bush and Cheney were in office. They laughted at all the sheeple. We were frustrated then. They wanted to drill too and look what happened.
I say turn on the spouts on the reserves and flood the market! The republicans won't do it becuase their rich oil company donors want to make mega milllions off of us citizens.
The democrats like way too much halting on drilling that puts a strain on the supply. The republicans like for this to happen because as you guessed, the price of oil goes up and their rich oil company donors get richer and richer.
Tell me this isn't true and I can imagine your nose growing so long it touches your screen! LOL
reserves will not make any difference in price its a popcorn fart of supply......Obama has 40 million Americans on food stamps and high energy costs will just keep adding to that poverty total.

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